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South Korean City to replace Local Currencies With Crypto

South Korean province of Gyeongsangbuk to replace local currency with cryptocurrencies. The province contains 9 cities and an exchange will be established for the new crypto.

The new cryptos will be used for payments within the province itself and merchants can accept them using samrtphone QR codes. According to news.bitcoin.com:

Gyeongbuk, the eastern South Korean province has been attempting to replace city-issued gift certificates with a cryptocurrency. Currently, nine cities of Gyeongsangbuk-do separately issue their own gift certificates, which are local currencies that can be used in selected areas of the province

According to Naver:

60 municipalities nationwide, including nine cities in Gyeongsangbuk-do, currently use gift certificates as local currencies aimed at revitalizing local economies and preventing capital flight.

Source: news.bitcoin.com

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